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Bitcoin faced a decline on Friday, dropping below $116,000 amidst growing caution in the market. The cryptocurrency fell by 1.8% to $115,555.4 as of 01:28 ET (05:28 GMT), pressured by large wallet movements and profit-taking after a record high above $123,000 last week.
Whale Movements and Profit-Taking Pressure
The drop in Bitcoin’s price came after a period of consolidation. Notably, Galaxy Digital transferred 3,420 bitcoins, worth approximately $395 million, to various exchanges within just 20 minutes, while also sending 250 bitcoins to an unknown address. These large transactions, tracked by Arkham Intel, led to increased caution in the market, with traders wary of potential market shifts following the whale trades.
U.S. Federal Reserve Meeting and Crypto Policy Report
Investors are awaiting the U.S. Federal Reserve’s upcoming policy meeting on July 30. Although the central bank is expected to keep rates steady, traders will closely monitor any statements from officials for clues on future policy directions. The Fed’s outlook, coupled with the release of a key crypto policy report, has created an atmosphere of uncertainty that is affecting risk appetite in the market.
Additionally, Bo Hines, the White House crypto adviser, announced that the President’s Digital Asset Working Group has finalized its 180-day crypto policy report, which will be released on July 30. The report is expected to outline seized U.S. government-held Bitcoin and suggest how these assets might be managed. It is also anticipated that the report will propose a comprehensive regulatory framework for digital assets, providing further clarity to the crypto market.
MicroStrategy’s Bitcoin Expansion Plans
In corporate news, MicroStrategy (now rebranded as Strategy) has significantly raised its preferred stock offering from $500 million to $2.8 billion, according to a Bloomberg report. The company, currently the largest corporate holder of Bitcoin, plans to use the proceeds to expand its Bitcoin holdings. This move reflects the growing importance of Bitcoin as a key driver for Strategy’s valuation, highlighting the company’s continued bullish stance on the cryptocurrency.
Altcoins Show Mixed Performance
Other cryptocurrencies have remained subdued on Friday after volatility earlier in the week. Most altcoins showed slight gains, with Ethereum rising 1.8% to $3,623.89 and XRP climbing 2.8% to $3.116. However, Solana saw a slight decline of 1.6%, while Cardano and Polygon posted modest gains of 3.1% and 2.8%, respectively. Among meme tokens, Dogecoin fell 0.4%, while $TRUMP surged 1.7%.
The market continues to grapple with regulatory developments and potential trade policy shifts as Bitcoin and other cryptocurrencies face a period of uncertainty ahead of key reports and meetings.
Bitcoin faced a decline on Friday, dropping below $116,000 amidst growing caution in the market. The cryptocurrency fell by 1.8% to $115,555.4 as of 01:28 ET (05:28 GMT), pressured by large wallet movements and profit-taking after a record high above $123,000 last week.
Whale Movements and Profit-Taking Pressure
The drop in Bitcoin’s price came after a period of consolidation. Notably, Galaxy Digital transferred 3,420 bitcoins, worth approximately $395 million, to various exchanges within just 20 minutes, while also sending 250 bitcoins to an unknown address. These large transactions, tracked by Arkham Intel, led to increased caution in the market, with traders wary of potential market shifts following the whale trades.
U.S. Federal Reserve Meeting and Crypto Policy Report
Investors are awaiting the U.S. Federal Reserve’s upcoming policy meeting on July 30. Although the central bank is expected to keep rates steady, traders will closely monitor any statements from officials for clues on future policy directions. The Fed’s outlook, coupled with the release of a key crypto policy report, has created an atmosphere of uncertainty that is affecting risk appetite in the market.
Additionally, Bo Hines, the White House crypto adviser, announced that the President’s Digital Asset Working Group has finalized its 180-day crypto policy report, which will be released on July 30. The report is expected to outline seized U.S. government-held Bitcoin and suggest how these assets might be managed. It is also anticipated that the report will propose a comprehensive regulatory framework for digital assets, providing further clarity to the crypto market.
MicroStrategy’s Bitcoin Expansion Plans
In corporate news, MicroStrategy (now rebranded as Strategy) has significantly raised its preferred stock offering from $500 million to $2.8 billion, according to a Bloomberg report. The company, currently the largest corporate holder of Bitcoin, plans to use the proceeds to expand its Bitcoin holdings. This move reflects the growing importance of Bitcoin as a key driver for Strategy’s valuation, highlighting the company’s continued bullish stance on the cryptocurrency.
Altcoins Show Mixed Performance
Other cryptocurrencies have remained subdued on Friday after volatility earlier in the week. Most altcoins showed slight gains, with Ethereum rising 1.8% to $3,623.89 and XRP climbing 2.8% to $3.116. However, Solana saw a slight decline of 1.6%, while Cardano and Polygon posted modest gains of 3.1% and 2.8%, respectively. Among meme tokens, Dogecoin fell 0.4%, while $TRUMP surged 1.7%.
The market continues to grapple with regulatory developments and potential trade policy shifts as Bitcoin and other cryptocurrencies face a period of uncertainty ahead of key reports and meetings.
